When I left for college, I assumed everyone else understood money as well as I did — but I was in for a huge surprise
, compared with the average bank rate of 0.09%. That's literal dollars to pennies.
Once my millennial clients open high-yield savings accounts, they usually love them right away. They know that their money is working for them, not the other way around.Creating a budget means that you need to understand how to split your finances. And if you were never taught how to do these things — which many millennials weren't, since personal finance isn't taught in many schools — of course it won't come naturally.
The higher your score, the more reliable you look to lenders. This results in lower interest rates and a higher likelihood that your credit application will be approved. Unfortunately, credit-card companies can be predatory when it comes to young adults. It's not uncommon that the minute you turn 18, credit-card companies begin swooping in to offer you "spending power." Naturally, this sounds too good to be true , and it can start young people off with bad spending habits, resulting in low credit scores.
A lot of my audience knows that a higher credit score is a good thing, but many don't know how scores are created and the best ways to improve them.
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